Global ETF News Older than One Year
World Gold Council-Gold Demand Trends Q3 2015
November 12, 2015--Third quarter gold demand rose by 8% year-on-year, reaching a two-year high of 1,120.9 tonnes. Q3 2015 was a period of two distinct halves: ETF outflows contributed to a price dip in July, which boosted consumer demand around the world.
Subsequently, a positive shift in institutional investor attitudes led to modest ETF inflows in August and September, which pushed prices back up. Central banks bought another 175.0 tonnes, in recognition of gold's diversification benefits. And after a long period of growth, the supply of gold from mine production contracted by 1% in the third quarter.
Source: WOrld Gold Council
Great Graphic: Diverging DM-EM Equities
November 12, 2015--The main divergence we have emphasized is in monetary policy trajectories. The first phase, which began late last year and will run through this month is other countries taking action to ease policy.
The Fed stood pat. The second phase is when the Fed lifts rates and many others continue to ease, perhaps at an accelerated rate.
There is another divergence that is taking place. As this Great Graphic, created on Bloomberg, shows, the MSCI Emerging equity market index (yellow line) is widely under-performing MSCI's World Index, which tracks developed countries' equities (white line).
Source: emergingequity.org
OECD-Emerging market slowdown and drop in trade clouding global outlook
November 11, 2015-A further sharp downturn in emerging market economies and world trade has weakened global growth to around 2.9% this year-well below the long-run average-and is a source of uncertainty for near-term prospects, says the OECD.
In its latest twice-yearly Economic Outlook, the OECD projects a gradual strengthening of global growth in 2016 and 2017 to an annual 3.3% and 3.6% respectively. But a clear pick-up in activity requires a smooth rebalancing of activity in China and more robust investment in advanced economies.
view the OECD-Economic Outlook and Interim Economic Outlook
Source: OECD
Capital treatment for "simple, transparent and comparable" securitisations published by the Basel Committee
November 10, 2015--The Basel Committee on Banking Supervision today released a consultative document on Capital treatment for "simple, transparent and comparable" securitisations.
This proposal builds on the revised capital standards issued by the Committee in December 2014.1
Source: BIS
IOSCO Publishes final report on Standards for the Custody of CIS Assets
November 10, 2015--The Board of the International Organization of Securities Commissions (IOSCO) today published its final report on Standards for the Custody of Collective Investment Schemes' Assets (CIS Assets).
The report seeks to clarify, modernize and further develop international guidance for the custody of CIS assets consistent with IOSCO's core Objectives and Principles of Securities Regulation, June 2010 (IOSCO Principles).
view the Standards for the Custody of Collective Investment Schemes' Assets-Final Report
Source: IOSCO
OPEC-Monthly Oil Market Report-November 2015
November 10, 2015-Oil market highlights
Crude Oil Price Movements
The OPEC Reference Basket rose 19¢ to average $45.02/b in October, the third month in a row around this level. Crude oil futures increased at a faster pace with ICE Brent increasing 75¢ to $49.29/b and Nymex WTI gaining 82¢ to stand at $46.29/b.
Speculator net length declined as short positions increased. The Brent-WTI spread narrowed to average close to $3/b in October.
World Economy
World economic growth remains modest at 3.1% in 2015, mainly due to a continued slowdown in emerging and developing economies, as well as low US growth in the third quarter, and global economic growth is expected to improve to 3.4% in 2016. US growth has been revised to 2.4% in 2015 and 2.5% in 2016, while total OECD growth remains at 2.0% for 2015 and 2.1% for 2016. Figures for China and India remain unchanged at 6.8% and 6.4%, and 7.4% and 7.6%, respectively.
Source: OPEC
Rapid, Climate-Informed Development Needed to Keep Climate Change from Pushing More than 100 Million People into Poverty by 2030
November 8, 2015--New World Bank report highlights the acute threat of climate change to poor people.
This threat can be contained through rapid and inclusive development that takes into account climate change, targeted adaptation measures, and emissions reductions efforts that protect the poor.
Without such action, it warns climate change could push more than 100 million additional people back into poverty by 2030. A new World Bank report shows that climate change is an acute threat to poorer people across the world, with the power to push more than 100 million people back into poverty over the next fifteen years. And the poorest regions of the world – Sub-Saharan Africa and South Asia – will be hit the hardest.
view the Shock Waves: Managing the Impacts of Climate Change on Poverty report
Source: World Bank
Infographic-Millennials on Investing, Debt, and Banking
November 6, 2015-Surveys reveal Millennials to have conflicting views on financial matters.
Millennials are the most confident generation regarding their financial future. In fact, recent survey results show that 65% of Millennials feel confident about their future finances, compared to 52% of Gen X, 50% of Baby Boomers, and 59% of the Silent Generation.
This is not a surprising find. as one of the defining traits of the Millennial group is high self-confidence.
The problem is that this confidence seems to conflict with other survey findings.
In reality, it looks like many Millennials could still have a steep learning curve ahead of them in the financial realm.
Source: visualcapitalist.com
IMF Working paper-Inflation and Activity-Two Explorations and their Monetary Policy Implications
November 6, 2015--Summary: We explore two issues triggered by the crisis. First, in most advanced countries, output remains far below the pre-recession trend, suggesting hysteresis.
Second, while inflation has decreased, it has decreased less than anticipated, suggesting a breakdown of the relation between inflation and activity. To examine the first, we look at 122 recessions over the past 50 years in 23 countries. We find that a high proportion of them have been followed by lower output or even lower growth. To examine the second, we estimate a Phillips curve relation over the past 50 years for 20 countries. We find that the effect of unemployment on inflation, for given expected inflation, decreased until the early 1990s, but has remained roughly stable since then. We draw implications of our findings for monetary policy.
Source: IMF
Haircut floors for non-centrally cleared securities financing transactions published by the Basel Committee
November 5, 2015--The Basel Committee on Banking Supervision has today issued for public consultation a proposal for incorporating the FSB's policy
framework for haircut floors for non-centrally cleared SFTs into the Basel III framework.
Source: BIS
